Punjab National Bank Managing Director Atul Kumar Goel has said that the current financial year will be the ‘Golden Year’ for Punjab National Bank due to its multi-pronged strategy and sustained focus. In his message to shareholders, Goyal said the state-owned bank for FY24 aims to adopt a multi-pronged strategy, which seeks to leverage existing synergies and capabilities to further drive operational efficiency .
“The strategy hinges on increasing market share, including boosting CASA (current account savings account) share and increasing credit offtake, especially in the RAM (retail, agriculture and MSME) segment; through increasing the rate of recovery from improving asset quality, minimizing slippages, strengthened monitoring of special accounts, curbing their movement to the delinquent category and enhanced collection efficiency,” he said.
Further, as per the annual report, the bank will focus on accelerating digital transformation with emphasis on leveraging digitization to capture more business, emphasis on customer centricity through better customer service and rendering of superior customer experience Drive and effect employee-centered change. To increase the efficiency and productivity of the workforce.
During 2022-23 the bank launched more than 35 digital journeys including various RAM segments and opening of new accounts under CASA through tab banking to reduce the turnaround time. Goyal said, “FY 2023-24 will be a golden year for your Bank, and with the right strategy, steady focus and clear vision, your Bank will surely enhance its performance and create greater value and returns for all its stakeholders. will generate.”
Talking about the financials, Goyal said that the bank registered an operating profit of Rs 22,529 crore and a net profit of Rs 2,507 crore in FY23. He said that the net profit registered in the fourth quarter of FY2023 is the highest profit ever recorded after the merger. The bank posted a net interest income of Rs 34,492 crore, a growth of 20.2 per cent on an annual basis. Net interest margin improved by 35 basis points to 3.06 per cent, return on assets at 0.18 per cent and return on equity at 3.94 per cent.
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